Need money for an important project?
You might be able to finance it using the equity in your home.
A home equity loan and a home equity line of credit (HELOC) are two options.
With a home equity loan, you get a lump sum from a lender and make monthly payments.
The interest rate and payments are typically fixed.
But if you borrow a lot and the market dips, you may wind up with little or no equity left.
With a HELOC, you get a line of credit and can use it in various amounts at different times.
But your payments may vary significantly depending on the amount of credit you use each time and interest rates.
Tapping into your home’s worth is a serious decision.
Speak to a professional, and weigh your options.
